In 2023, the information and communication sector in South Korea generated approximately 100.8 trillion South Korean won in terms of real gross domestic product (GDP). For this sector, the amount of GDP produced continued to increase as the years passed.

In 2023, services contributed around 58.42 percent to South Korea's gross domestic product (GDP), while 31.59 percent came from South Korea’s industry sector, and a little less than two percent of South Korea’s GDP was generated by the country’s agriculture sector. South Korea’s services sector employed over 70 percent of the South Koreans workforce in 2018 . South Korea’s workforce Much of the over 51 million inhabitants of South Korea are employed, and the unemployment rate is expected to remain under four percent through 2024. South Korea is experiencing the effects of an aging labor force, with a decrease in population share of people entering the work force, and a simultaneous increase of the number of those aged 65 years and above. Despite that, the country’s economy has remained a powerhouse, growing at around 2.5 percent from 2018 to 2019. The South Korean economy South Korea is known as an economic success story; it rose from one of the poorest countries before the 1960’s to a developed country with a high income level. Overall, South Korea’s total GDP was estimated to be approximately 1.7 trillion U.S. dollars in 2019, and is expected to continue to increase through 2024. South Korea is considered to be one of the core economies driving the next generation of economic growth, alongside the BRIC countries (Brazil, Russia, India, and China).

In 2023, Samsung Life Insurance was the leading insurance company in South Korea with gross written premiums amounting to about 25.6 trillion South Korean won. Kyobo Life Insurance and Hanwha Life Insurance followed with gross written premiums worth around 19 and 14 trillion South Korean won respectively. Samsung had held the largest market share not only in life insurance, but also in non-life insurance in 2020. South Korea’s insurance industry The finance and insurance industries are taking an increasingly large share of the South Korean economy, with the sector's real gross domestic product (GDP) nearly doubling over the past decade. While there are about 22 life insurers and 31 non-life insurers operating in South Korea, the country has a relatively high insurance penetration rate of about 11.1 percent, which ranks among the highest in the world. Digital transformation The insurance industry, which is considered one of the most conservative sectors of the domestic financial industry, is currently undergoing a digital transformation, which is often referred to as insurtech. Insurtech refers to the use of Big Data, Artificial Intelligence (AI), Internet of Things (IoT), and other technologies, with the aim of providing customers with more efficient and innovative insurance services. Although South Korea’s digital transformation of insurance is still in its infancy by international standards, insurance providers such as AIA, Heungkuk, Dongbu, Samsung, and other various insurance companies have already started applying such technologies to their products.